Monash University has a long and proud association with the disciplines of Econometrics and Business Statistics, dating back to the foundation of the (then) Faculty of Economics and Politics in 1962. The foundation dean was Professor Don Cochrane, who in 1949 published with Guy Orcutt a pair of path-breaking articles presenting an ingenious method of estimating time series models – a method now known to generations of econometrics and statistics students as the "Cochrane-Orcutt procedure". Professor Cochrane provided an environment in which econometrics and business statistics flourished and in 1968 established Australia's first Chair in Econometrics, awarded to Professor Alan Powell. These developments led eventually to the creation of what is now the Department of Econometrics and Business Statistics, a department that is recognised worldwide for the quality of its teaching and research.
